Answer:Money serves several functions: a medium of exchange, a unit of account, a store of value, and a standard of deferred payment.
Explanation:
Answer:
Compilations.
Explanation:
A compilation is part of the write-up service of accounting firms that involves conversion of data into financial statements without providing assurances or auditing services.
A compilation report usually accompanied the financial statements to show that data is well represented, and also to show that there has been no audit so the accountant is not giving an opinion.
So the CPA will not be violating independent rules by working on compilations.
Answer:
The correct response will be "Paying a premium price
".
Explanation:
- Each consumption has the fundamental economic intention of obtaining products that have the highest possible and the limit requirements at the lowest competitive prices.
- And therefore, satisfied customers frequently ignore that instinct because some other manufacturer is still connected to something like the commodity.
<u>Solution:</u>
Deffered revenue means when an organization receives the payment prior to the goods delivered to conusmer. In the given case, business receives $3000 on 1, January for ten month service (From january to October).
<u>The revenue per month needs to be calculated:</u>
Revenue per month = Revenue for ten months divided by Total number of months
By putting the figures we get,
Revenue per month = $3000 divided by 10 = $300 per month
An adjusting entry needs to be passed:
Date Particulars debit credit
31st jan Unearned Revenue $300
Service Revenue $300
( Service revenue that has been collected in advance)
